The proposal has 2 components.

Component 1 would establish a National Housing Supply and Affordability Council.

Component 2 would expand the role and work of the National Housing Finance and Investment Corporation (NHFIC). It would be responsible for key national housing programs including Help to Buy, Regional First Home Buyer Support Scheme, Housing Australia Future Fund, and existing programs currently run by NHFIC. NHFIC would also be renamed Housing Australia.

Funding for the proposed changes would be funded from existing departmental resources.

The proposal would start from 1 July 2022.